Chapter

The Tragedy of the Commons

Jean‐Marie Baland and Jean‐Philippe Platteau

in Halting Degradation of Natural Resources

Published in print March 2000 | ISBN: 9780198290612
Published online January 2005 | e-ISBN: 9780191601613 | DOI: http://dx.doi.org/10.1093/0198290616.003.0003
 The Tragedy of the Commons

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This chapter analyses the ‘tragedy of the commons’, which attributes the inefficiency in managing natural resources to the absence of well-defined property rights and the regime of open access that characterizes them. It discusses the problem of open access and problem of common property, the Pareto-inefficiency of the Nash equilibrium under common property, and the Lindahl equilibrium.

Keywords: tragedy of the commons; natural resource management; property rights; open access; common property; Pareto inefficiency; Nash equilibrium; Lindahl equilibrium

Chapter.  5563 words.  Illustrated.

Subjects: Economic Development and Growth

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